Lok Sabha 2019 election result, which is slated to be declared tomorrow (May 23), will continue to sway investor sentiment on Wednesday. Besides, March quarter results, movement of rupee against the US dollar, crude oil prices, and other global developments will also be closely tracked.
Profit-booking during the last trading hour on Tuesday dragged the benchmark indices lower by over 1 per cent. The S&P BSE Sensex ended the day 383 points down at 38,970 while the broader Nifty50 index slipped 119 points to close at 11,709.
Bank of Baroda, Ashoka Buildcon, and Cipla are scheduled to declare their Q4FY19 results today along with 135 other companies.
Asian stocks were off to a tepid start on Wednesday with MSCI’s broadest index of Asia-Pacific shares outside losing about 0.15 per cent in trade. South Korea’s KOSPI fell 0.45 per cent while Japan’s Nikkei edged up 0.05 per cent.
On Wall Street, the Dow Jones added 197 points to close at 25,877 levels, while the S&P500 inched up 24 points to end at 2,864 levels. The Nasdaq, too, gained about 83 points to end at 7,786 levels.
In commodities, oil prices eased on Saudi Arabia’s assurance that it would keep the supply balanced. Brent crude futures were down 0.5 per cent at $71.81 a barrel at around 6 am.